Technology
ANTERIX INC. REPORTS SECOND QUARTER FISCAL YEAR 2025 RESULTS
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23 hours agoon
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WOODLAND PARK, N.J., Nov. 13, 2024 /PRNewswire/ — Anterix (NASDAQ: ATEX) today announced its second quarter fiscal 2025 results and filed its Form 10-Q for the three and six months ended September 30, 2024. The Company also issued an update on its Demonstrated Intent metric which can be found on Anterix’s website at https://www.investors.anterix.com/Q22025/.
“Our results in the second quarter of fiscal 2025 reflect Anterix’s strong market positioning and continued progress in our journey to drive 900 MHz private wireless broadband networks throughout the utility sector. In my first month as President and CEO at Anterix, I have been impressed by our team and the upcoming opportunities for our group. I see an incredible runway for Anterix to grow, with the value of private broadband networks to utilities being stronger than I have ever seen across my 30-year career,” commented Scott Lang, Anterix President and CEO.
“Looking ahead, I am extremely encouraged by our active customer pipeline and the discussions ongoing with prospective clients. In the coming months, we plan to have a dedicated focus on a number of key objectives from enhancing pipeline relationships and innovating our customer approach. The future is bright at Anterix, and I look forward to updating the market on our progress in the quarters ahead.”
Financial and Operational Highlights
Cash and cash equivalents of $43.1 million as of September 30, 2024Received a $7.5 million milestone payment from Ameren CorporationApproximately $168 million of contracted proceeds due to be received with $110 million expected through fiscal 2026Spectrum clearing costs of $5.5 millionApproximately $3 billion pipeline of prospective contract opportunities across 60+ potential customers
Liquidity and Balance Sheet
At September 30, 2024, Anterix had no debt and cash and cash equivalents of $43.1 million. In addition, the Company had a restricted cash balance of $7.6 million in escrow deposits.
The Company has an authorized share repurchase program for up to $250.0 million of the Company’s common stock on or before September 21, 2026. In the fiscal second quarter of 2025, Anterix did not have any share repurchase activity and approximately $234.0 million remains under the current share repurchase program as of September 30, 2024.
Conference Call Information
Anterix senior management will hold an analyst and investor conference call to provide a business update at 9:00 A.M. ET on Thursday November 14, 2024. Interested parties can participate in the call by dialing 1-833-816-1120 and asking the operator to be joined into the Anterix call. International callers should dial 1-412-317-1861. A replay of the call will be accessible on the Investor Relations section of Anterix’s website at https://www.anterix.com/events/.
About Anterix Inc.
At Anterix, we partner with leading utilities and technology companies to harness the power of 900 MHz broadband for modernized grid solutions. Leading an ecosystem of more than 100 members, we offer utility-first solutions to modernize the grid and solve the challenges that utilities are facing today. As the largest holder of licensed spectrum in the 900 MHz band (896-901/935-940 MHz) throughout the contiguous United States, plus Alaska, Hawaii, and Puerto Rico, we are uniquely positioned to enable private wireless broadband solutions that support cutting-edge advanced communications capabilities for a cleaner, safer, and more secure energy future. To learn more and join the 900 MHz movement, please visit www.anterix.com.
Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking statements within the meaning of the federal securities laws that involve risks and uncertainties. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future events or achievements such as statements in this press release related to the Anterix’s business or financial results or outlook. Actual events or results may differ materially from those contemplated in this press release. Forward-looking statements speak only as of the date they are made and readers are cautioned not to put undue reliance on such statements, as they are subject to a number of risks and uncertainties that could cause Anterix’s actual future results to differ materially from results indicated in the forward-looking statement. Such statements are based on assumptions that could cause actual results to differ materially from those in the forward-looking statements, including: (i) the timing of payments under customer agreements, (ii) Anterix’s ability to clear the 900 MHz Broadband Spectrum on a timely basis and on commercially reasonable terms; and (iii) Anterix’s ability to qualify for and timely secure broadband licenses. Actual events or results may differ materially from those contemplated in this press release. Anterix’s filings with the Securities and Exchange Commission (“SEC”), which you may obtain for free at the SEC’s website at http://www.sec.gov, discuss some of the important risk factors that may affect the Company’s financial outlook, business, results of operations and financial condition. Anterix undertakes no obligation to update publicly or revise any forward-looking statements contained herein.
Shareholder Contact
Natasha Vecchiarelli
Vice President, Investor Relations & Corporate Communications
Anterix
973-531-4397
nvecchiarelli@anterix.com
Anterix Inc.
Earnings Release Tables
Consolidated Balance Sheets
(in thousands, except share and per share data)
September 30, 2024
March 31, 2024
(Unaudited)
ASSETS
Current assets
Cash and cash equivalents
$ 43,129
$ 60,578
Spectrum receivable
12,063
8,521
Prepaid expenses and other current assets
1,582
3,912
Total current assets
56,774
73,011
Escrow deposits
7,608
7,546
Property and equipment, net
1,726
2,062
Right of use assets, net
4,987
4,432
Intangible assets
221,863
216,743
Deferred broadband costs
23,759
19,772
Other assets
520
1,328
Total assets
$ 317,237
$ 324,894
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable and accrued expenses
$ 7,086
$ 8,631
Operating lease liabilities
1,806
1,850
Contingent liability
1,000
1,000
Deferred revenue
5,915
6,470
Total current liabilities
15,807
17,951
Operating lease liabilities
3,845
3,446
Contingent liability
25,000
15,000
Deferred revenue
120,712
115,742
Deferred gain on sale of intangible assets
4,911
4,911
Deferred income tax
7,670
6,281
Other liabilities
229
531
Total liabilities
178,174
163,862
Commitments and contingencies
Stockholders’ equity
Preferred stock, $0.0001 par value per share, 10,000,000 shares authorized and
no shares outstanding at September 30, 2024 and March 31, 2024
—
—
Common stock, $0.0001 par value per share, 100,000,000 shares authorized and
18,618,271 shares issued and outstanding at September 30, 2024 and 18,452,892
shares issued and outstanding at March 31, 2024
2
2
Additional paid-in capital
541,551
533,203
Accumulated deficit
(402,490)
(372,173)
Total stockholders’ equity
139,063
161,032
Total liabilities and stockholders’ equity
$ 317,237
$ 324,894
Anterix Inc.
Earnings Release Tables
Consolidated Statements of Operations
(Unaudited, in thousands, except share and per share data)
Three months ended September 30,
Six months ended September 30,
2024
2023
2024
2023
Spectrum revenue
$ 1,551
$ 1,052
$ 3,076
$ 1,660
Operating expenses
General and administrative
11,397
11,905
24,248
23,578
Sales and support
1,357
1,310
3,207
2,585
Product development
1,776
1,147
3,526
2,216
Depreciation and amortization
151
209
330
455
Operating expenses
14,681
14,571
31,311
28,834
Gain on disposal of intangible assets, net
—
(8,513)
(93)
(19,298)
Gain on sale of intangible assets, net
—
(7,332)
—
(7,332)
Loss from disposal of long-lived assets, net
—
67
—
36
(Loss) gain from operations
(13,130)
2,259
(28,142)
(580)
Interest income
585
396
1,279
782
Other income
9
63
25
158
(Loss) income before income taxes
(12,536)
2,718
(26,838)
360
Income tax expense
230
645
1,452
405
Net (loss) income
$ (12,766)
$ 2,073
$ (28,290)
$ (45)
Net (loss) income per common share basic
$ (0.69)
$ 0.11
$ (1.53)
$ —
Net (loss) income per common share diluted
$ (0.69)
$ 0.11
$ (1.53)
$ —
Weighted-average common shares used to compute
basic net (loss) income per share
18,586,075
18,921,126
18,531,169
18,935,929
Weighted-average common shares used to compute
diluted net (loss) income per share
18,586,075
19,109,394
18,531,169
18,935,929
Anterix Inc.
Earnings Release Tables
Consolidated Statements of Cash Flows
(Unaudited, in thousands)
Three months ended September 30,
Six months ended September 30,
2024
2023
2024
2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss (income)
$ (12,766)
$ 2,073
$ (28,290)
$ (45)
Adjustments to reconcile net loss to net cash (used in)
provided by operating activities
Depreciation and amortization
151
209
330
455
Stock compensation expense
3,408
3,838
7,754
8,103
Deferred income taxes
332
645
1,389
373
Right of use assets
398
262
832
545
Gain on disposal of intangible assets, net
—
(8,513)
(93)
(19,298)
Gain on sale of intangible assets, net
—
(7,332)
—
(7,332)
Loss from disposal of long-lived assets, net
—
67
—
36
Changes in operating assets and liabilities
Prepaid expenses and other assets
551
225
1,525
788
Accounts payable and accrued expenses
21
(795)
(1,537)
374
Due to related parties
—
—
—
(533)
Operating lease liabilities
(501)
(371)
(1,032)
(759)
Contingent liability
—
—
10,000
—
Deferred revenue
5,940
20,114
4,415
19,506
Other liabilities
(182)
—
(302)
—
Net cash (used in) provided by operating
activities
(2,648)
10,422
(5,009)
2,213
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of intangible assets, including refundable
deposits, retuning costs and swaps
(5,504)
(4,907)
(10,904)
(10,077)
Proceeds from sale of spectrum
—
25,178
—
25,178
Purchases of equipment
(41)
(187)
(41)
(212)
Net cash (used in) provided by investing
activities
(5,545)
20,084
(10,945)
14,889
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from stock option exercises
343
—
1,960
7
Repurchases of common stock
—
(10,735)
(2,027)
(10,735)
Payments of withholding tax on net issuance of
restricted stock
(705)
(270)
(1,366)
(1,022)
Net cash used in financing activities
(362)
(11,005)
(1,433)
(11,750)
Net change in cash and cash equivalents
and restricted cash
(8,555)
19,501
(17,387)
5,352
CASH AND CASH EQUIVALENTS AND
RESTRICTED CASH
Cash and cash equivalents and restricted cash at
beginning of the period
59,292
29,033
68,124
43,182
Cash and cash equivalents and restricted cash at
end of the period
$ 50,737
$ 48,534
$ 50,737
$ 48,534
SUPPLEMENTAL DISCLOSURE OF CASH
FLOW INFORMATION
Cash paid during the period:
Taxes paid
$ 885
$ 1
$ 885
$ 1
Operating leases paid
$ 606
$ 578
$ 1,199
$ 1,152
Non-cash investing activity:
Network equipment provided in exchange for
wireless licenses
$ —
$ 130
$ 47
$ 568
Deferred gain on sale of intangible assets
$ —
$ 4,889
$ —
$ 4,889
Derecognition of contingent liability related to sale
of intangible assets
$ —
$ 18,840
$ —
$ 18,840
Right of use assets new leases
$ 42
$ 41
$ 290
$ 106
Right of use assets modifications and renewals
$ 850
$ 55
$ 1,097
$ 55
The following tables provide a reconciliation of cash and cash equivalents and restricted cash reported on the Consolidated Balance Sheets that sum to the total of the same such amounts on the Consolidated Statements of Cash Flows:
September 30, 2024
June 30, 2024
March 31, 2024
Cash and cash equivalents
$ 43,129
$ 51,715
$ 60,578
Escrow deposits
7,608
7,577
7,546
Total cash and cash equivalents and restricted cash
$ 50,737
$ 59,292
$ 68,124
September 30, 2023
June 30, 2023
March 31, 2023
Cash and cash equivalents
$ 48,534
$ 29,033
$ 43,182
Escrow deposits
—
—
—
Total cash and cash equivalents and restricted cash
$ 48,534
$ 29,033
$ 43,182
Anterix Inc.
Earnings Release Tables
Other Financial Information
(Unaudited, in thousands except per share data)
Three months ended September 30,
Six months ended September 30,
2024
2023
2024
2023
Number of shares repurchased and retired
—
333
63
333
Average price paid per share*
$ —
$ 32.69
$ 32.47
$ 32.69
Total cost to repurchase
$ —
$ 10,735
$ 2,027
$ 10,735
*
Average price paid per share includes costs associated with the repurchases.
As of September 30, 2024, $234.0 million is remaining under the share repurchase program.
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SOURCE Anterix Inc.
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/C O R R E C T I O N — Natural Resources Canada/
Published
26 minutes agoon
November 14, 2024By
In the news release, Canada Invests in Climate Change Adaptation to Keep Communities Safe in British Columbia and Across Canada, issued 14-Nov-2024 by Natural Resources Canada over PR Newswire, we are advised by the company that the 18th paragraph has been added to the release. The complete, corrected release follows:
Canada Invests in Climate Change Adaptation to Keep Communities Safe in British Columbia and Across Canada
COQUITLAM, BC, Nov. 14, 2024 /CNW/ – Working together to reduce risks from the changing climate will help keep Canadians safer and healthier. Acting now will help improve long-term resilience and reduce costs associated with the increasing frequency of extreme weather events in Canada, including higher grocery prices, insurance premiums and local taxes to cover the costs of disaster recovery and damage.
Across the country, the impacts of climate change are becoming more severe and more frequent with extreme events like floods, wildfires and heatwaves on the rise. Gradual changes, like thawing permafrost in the north and rising sea levels in coastal regions, are also affecting the safety of our communities and quality of life. To protect our communities from the worst economic and environmental impacts of climate change, we must continue to prepare for the changes that are coming by investing in community resilience. This will not only support the safety of Canadians but also reinforce the ability of communities to recover from extreme weather events.
Today, the Honourable Jonathan Wilkinson announced over $7 million in funding for 12 projects in British Columbia or with a national reach under Natural Resources Canada’s Climate Change Adaptation Program (CCAP) and the Climate-Resilient Coastal Communities (CRCC) Program. These projects will aim to help regions and sectors in B.C. and across Canada adapt to a changing climate by developing, improving and delivering strategies, tools and resources that address climate change risks and adaptation gaps, and to support the implementation of climate change adaptation and resilience actions.
The funding announced today comes from a total investment of $39.5 million for 53 projects through the CCAP and the the CRCC Program to reduce climate change risks and build more resilient communities across the country in support of the National Adaptation Strategy (NAS). Details on additional projects supported by this investment will be announced in the near future.
The steps we take now will protect our communities, our livelihoods, our environment and our economy. We are actively investing in climate change adaptation to proactively support long-term, community-led resilience and adaptation projects. It is essential, now more than ever, that we come together to help communities stay strong in the face of the current and future impacts of climate change.
“The impacts associated with climate change, including atmospheric rivers here in British Columbia, are being felt right now. That is why this federal government is acting now to help our communities and our economy prepare and protect themselves from the threat of climate change. Today’s announcement of 12 projects based in British Columbia under two funding programs supports the vital long-term, community-based work to keep people safe now and into the future.”
The Honourable Jonathan Wilkinson
Minister of Energy and Natural Resources
“Municipalities are on the front lines of climate change, and they know best what local challenges — and solutions — are affecting local neighbourhoods, transportation and businesses. The 12 projects under the CCAP and CRCC program will help build stronger, more livable communities, providing safety and security in the face of a changing climate. With smart investments, forward planning and active collaboration, we can support communities that are already feeling the impacts of climate change and help make them more sustainable and prosperous for generations to come.”
The Honourable Steven Guilbeault
Minister of Environment and Climate Change
“Climate change is impacting communities in British Columbia and across Canada. Now is the time to work together and build climate change responses that address current and future problems. By taking the necessary steps today to adapt and build resiliency, we can make more-informed decisions to prepare for and to respond and adapt to climate change impacts.”
Ron McKinnon
Member of Parliament for Coquitlam–Port Coquitlam
“Coastal flooding and rising seas are not exclusively localized issues. Coordinating between First Nations, municipalities and other authorities in the region can increase the effectiveness of coastal resilience actions and help to pool resources. Thanks to the support from the CRCC Program, our B.C. Southern Coastal Regional Climate Collaborative project will help coordinate approaches to address rising sea levels and coastal flooding and implement key regional actions to build the foundation for long-term coastal resilience outcomes across the Pacific North Shore and Sunshine Coast region.”
Ewa Jackson
Managing Director, ICLEI Canada
“Clean energy systems are the future — and this initiative is helping First Nations communities and local governments to push forward on micro-hydro, solar, wind and other renewables that strengthen B.C.’s power grid. Planning infrastructure to withstand severe weather and other impacts of climate change is now a key challenge in building a clean energy future, and we’re happy to help bring together local leaders and experts to meet that challenge.”
David Marshall
Chief Executive Officer, Fraser Basin Council
“Across British Columbia, small, rural and remote communities work every day with extremely limited resources to address the current and anticipated impacts of climate change, often off the side of their desk amidst many competing priorities. As a result of this funding, the CoNext Climate Preparedness Hub will provide direct support to local governments, First Nation governments and their partners to build understanding of the challenges and options for addressing climate impacts and translate this knowledge into action within their organizations and communities.”
Erica Crawford
CoNext Project Lead and Principal, HeronBridge Consulting
“Climate adaptation is a new but urgent challenge, and leading practices are just beginning to emerge. Our CRCC project funded direct conversations with Canadian practitioners to identify the challenges and opportunities they face today, and this learning will inform similar outreach in Oceania, Europe, the United States, Latin America and the Caribbean, and Asia. We look forward to bringing this snapshot of global adaptation practice today back to Canada to help drive innovation and solutions to this shared threat.”
Dr. Glynis Lough
Global Director of PEERS and Affiliate at the Aspen Global Change Institute
“The far-reaching impacts of recent wildfires — massive emissions and disrupted communities — demand urgent action. This contribution from Natural Resources Canada will foster collaboration across sectors, First Nations and impacted communities in ways that accelerate wildfire adaptation, create jobs, enhance ecosystem resilience and increase public safety.”
Robin Prest
Program Director, Simon Fraser University’s Morris J. Wosk Centre for Dialogue
“Engineers and Geoscientists BC welcomes this investment that is intended to help protect Canadians from the risks of climate change. In collaboration with the Climate Risk Institute, we are proud to lead the development of a national climate resiliency training program for building sector professionals. Supported by Natural Resources Canada through the CCAP, the training program aims to empower engineers, and other professionals, with the skills and knowledge needed to design and retrofit buildings to help communities become more resilient to the risks associated with a changing climate.”
Heidi Yang, P.Eng.
Chief Executive Officer, Engineers and Geoscientists BC
“The Regional District of Nanaimo is grateful for this generous grant, which we will use to develop an inclusive and collaborative coastal climate adaptation strategy in our region. This strategy will build on the critical work we are already undertaking to prepare for, and respond to, impacts we are seeing on our coast.”
Vanessa Craig
Chair, Regional District of Nanaimo
“In recent years, climate-related impacts have significantly disrupted supply chains. With this funding to develop a climate adaptation plan for the Port of Vancouver, we will work collaboratively with First Nations and stakeholders to identify key climate risks and priority actions needed to enhance port infrastructure and supply chain resiliency. This will help strengthen our position to facilitate Canada’s trade reliably, now and into the future.”
Jennifer Natland
Vice President, Properties and Environment, Vancouver Fraser Port Authority
“Nature-based solutions, like restoring wetlands and adopting green infrastructure approaches, offer powerful ways for Canadian communities to adapt to climate change while unlocking significant social, economic and environmental co-benefits. Yet a lack of understanding of the monetary benefits of these multi-solving solutions means they remain underutilized by local governments. With the support of Natural Resources Canada and our partners, ESSA and All One Sky Foundation are developing a toolkit with clear economic data and guidance to help communities confidently invest in these sustainable, cost-effective strategies to multiple local problems.”
Jimena Eyzaguirre
Climate Change Adaptation Practice Lead, ESSA Technologies Ltd.
“In 2022, we brought together leadership and staff from First Nations and local governments and local agriculture sectors as well as federal and provincial representatives to collectively discuss what a Build Back Better, Together process would look like and to explore how we could work together more effectively in our shared landscape. This funding will support subsequent dialogues as we work toward developing a unified plan for how to maximize resilience in the Lower Mainland.”
Tribal Chief Tyrone McNeil
Chair of the Emergency Planning Secretariat
The National Adaptation Strategy (NAS) provides a whole-of-society plan focused on protecting Canadian lives and building more resilient and prosperous communities. Canada released its first NAS on June 27, 2023. Achieving the objectives of the NAS requires whole-of-society action. The Government of Canada is working with provinces, territories, Indigenous partners and the private sector to develop innovative technical, financial and operational solutions that will support adaptation action by communities across the economy.Every $1 spent on climate adaptation measures saves up to $15 in terms of the long-term costs involved in mitigating climate change and extreme weather events.Since 2015, the Government of Canada has invested more than $6.5 billion in adaptation efforts, including $2.1 billion since fall 2022 to implement the NAS and other adaptation-related activities.The CCAP will help Canada’s regions and sectors to adapt to a changing climate. More specifically, the CCAP aims to:support decision-makers in identifying and implementing adaptation actions;enhance adaptation knowledge and skills among Canada’s workforce; andincrease access to climate change adaptation tools and resources.The CRCC Program supports regional-scale pilot projects on Canada’s three marine coasts —Atlantic, Pacific and North — and in the Great Lakes–St. Lawrence region. The program aims to enhance the climate resilience of coastal communities and businesses and to accelerate adaptation to reduce climate change risks and coordinate innovative actions.
Backgrounder: Canada Invests in Climate Change to Keep Communities Safe in British Columbia and Across Canada https://www.canada.ca/en/natural-resources-canada/news/2024/11/canada-invests-in-climate-change-adaptation-to-keep-communities-safe-in-british-columbia-and-across-canada.html
Climate Change Adaptation ProgramNatural Resources Canada Announces up to $15 Million to Help Communities and Businesses Adapt to a Changing ClimateClimate-Resilient Coastal Communities ProgramNational Adaptation StrategyGovernment of Canada Adaptation Action Plan
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András Szakonyi named CEO of Ferrovial’s Digital Infrastructure Division
Published
26 minutes agoon
November 14, 2024By
This division targets the high-growth data center market, building on a decade of successful projects for industry leaders
AMSTERDAM, Nov. 14, 2024 /PRNewswire/ — Ferrovial, a leading global infrastructure company, announces the appointment of András Szakonyi as CEO of Digital Infrastructure. Szakonyi brings deep sector expertise, both in data centers and sustainable AI cloud solutions. As divisional CEO, he will strengthen and expand Ferrovial’s presence in a growing sector where it has been developing projects for multinational leaders for more than 10 years in Europe and the Americas.
“Ferrovial brings distinctive expertise in complex data center construction projects. Our proven track record of engineering excellence and value creation positions us well to expand our role as a global investor and developer of digital infrastructure. We welcome András’s leadership in driving our continued success and innovation in this strategic area,” said Ignacio Madridejos, CEO of Ferrovial.
The Digital Infrastructure Division will identify investment opportunities to develop high-value projects in this sector.
András Szakonyi holds an MBA in Finance and Economics from Corvinus University in Budapest and is a graduate of INSEAD Business School’s LEAP (Leadership Excellence through Awareness and Practice Program).
During his extensive professional experience, he has held various international leadership positions. He started his career as a finance professional at General Electric, where he spent six years leading different finance functions in the United States.
Afterward, he spent 21 years in multiple senior leadership roles at Iron Mountain (IRM), a global listed B2B service company based in Boston focusing on data centers and information management services. He played a key role in building Iron Mountain’s data center business in his role as global COO.
Since 2020, he has been a member of the Supervisory Board and Audit Committee of Magyar Telekom (Subsidiary of Deutsche Telekom), a leading Hungarian information and communications technology company.
About Ferrovial
Ferrovial is one of the world’s leading infrastructure companies. The Company operates in more than 15 countries and has a workforce of over 24,000 worldwide. Ferrovial is triple listed on Euronext Amsterdam, the Spanish Stock Exchanges and Nasdaq and is a member of Spain’s blue-chip IBEX 35 index. It is part of the Dow Jones Sustainability Index and FTSE4Good, and all its operations are conducted in compliance with the principles of the UN Global Compact, which the Company adopted in 2002.
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SOURCE Ferrovial
Technology
2025 Fortune Global Forum to be held in Riyadh, Saudi Arabia
Published
26 minutes agoon
November 14, 2024By
Fortune will also hold a Most Powerful Women gathering in Riyadh next year
NEW YORK, Nov. 14, 2024 /PRNewswire/ — Fortune announced that its 2025 Fortune Global Forum, the premier gathering of CEOs and other leaders of the world’s largest multinational companies, will convene in Riyadh, Saudi Arabia, next December. In the spring, Fortune will also hold in Riyadh its first-ever Fortune Most Powerful Women event in the Middle East, an extension of the annual Most Powerful Women summit in the U.S.
This marks the first time since its inception in 1995 that the Fortune Global Forum has taken place in the Saudi capital. The Forum and the MPW event are being held in partnership with the Saudi Conventions and Exhibitions General Authority.
“For 30 years, Fortune has been proud to bring the Fortune Global Forum to the frontiers of the business world,” Anastasia Nyrkovskaya, CEO of Fortune, said. “Saudi Arabia is one of those important frontiers. We look forward to connecting leaders of companies across industries from the East and West in Riyadh, an ideal location for our 2025 Fortune Global Forum.”
The Forum has historically been held in major cities at the forefront of global business, including Singapore, Barcelona, Guangzhou, New Delhi, Rome, Hong Kong, Paris, Abu Dhabi, Cape Town, and San Francisco. Earlier this week in New York City, the 2024 Fortune Global Forum included speakers such as former U.S. CIA Directors Mike Pompeo and Leon Panetta; Adena Friedman, Chair and CEO, Nasdaq; Gita Gopinath, First Managing Director, International Monetary Fund; Josh Kushner, Founder and CEO, Thrive Capital; Rob Manfred and Adam Silver, the commissioners of Major League Baseball and the National Basketball Association, respectively; John Stankey, CEO, AT&T; Boris Johnson, former Prime Minister of the United Kingdom; Brooke Shields, actor, New York Times bestselling author, and founder of Commence; H.E. Fahd bin Abdulmohsan Al-Rasheed, Advisor, General Secretariat of the Council of Ministers, and Chair, Saudi Conventions and Exhibitions General Authority; Tom Brady, seven-time world champion; and Wynton Marsalis, Pulitzer Prize-winning composer and Managing and Artistic Director of Jazz at Lincoln Center, the site of the Forum, and more.
The Fortune Global Forum fosters impactful discussions among leading executives and other top figures in business, government, and culture and offers valuable insights into international business strategies.
Fortune’s annual Most Powerful Women Summit convenes women leaders from Fortune 500 companies and trailblazers from government, philanthropy, education, sports, and the arts for inspiring conversations, collaboration, and networking. The Riyadh MPW conference will draw women globally who are making significant contributions to business and economic growth.
About Fortune:
Fortune is a global multi-platform media company built on a legacy of trusted, award-winning reporting and information for those who want to make business better. Independently owned, Fortune tells the stories of the world’s biggest companies and their leaders as well as a new generation of innovators who are moving business forward. Digitally and in print, Fortune measures corporate performance through rigorous benchmarks, and holds companies accountable, in regions around the world. Its iconic rankings include Fortune 500, Fortune Global 500, Most Powerful Women, and World’s Most Admired Companies. Fortune builds world-class communities by convening industry thought leaders for exclusive summits and conferences, including the Fortune Global Forum, Brainstorm Tech, Fortune Most Powerful Women. For more information, visit fortune.com.
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